BLACK ENTERPRISE Announces the Top-Grossing Black-Owned Companies
Publication's June Issue Marks the 35th Anniversary of the BE 100s Report

Chronicling the Growth of U.S. Black Business

NEW YORK, May 29 /PRNewswire/ -- BLACK ENTERPRISE (BE) today announced
the nation's top-grossing black-owned businesses as listed in the
publication's 35th annual BE 100s report. The cornerstone of the
publication's June issue, this comprehensive analysis includes a total of
275 businesses: 100 industrial/service companies, 100 auto dealerships, 60
financial services firms, and 15 advertising agencies.
When BE first compiled its top 100 in 1973, combined sales for the 100
component companies totaled $473 million. Today, the top 100 African
American industrial/service companies and 100 leading auto dealers -- the
core of the BE 100s report -- collectively grossed more than $27 billion.
As the BE 100s list marks its 35th anniversary, the nation's most
profitable black-owned businesses collectively responded to a more
challenging and competitive business environment by aggressively working
toward the expansion of revenue base and markets. Companies that found
success did this by implementing a new blueprint for growth, including
recruiting powerhouse management teams, forming strategic partnerships,
strengthening their black business networks, and developing a global focus.
As a result, several companies reached new milestones. World Wide
Technology Inc., No. 1 on the BE INDUSTRIAL/SERVICE 100 list, continues its
prominence as the nation's top-grossing black-owned business. This year the
Maryland Heights, Missouri-based reseller of IT products and services
becomes the first company to surpass the $2 billion sales mark since TLC
Beatrice International Holdings Inc. did so in 1996. In addition, two other
companies exceeded $1 billion in revenues. CAMAC International Corp., a
Houston-based crude oil, gas exploration, and production and trading
company reported sales of $1.6 billion. CAMAC ranks No. 2 on the BE
INDUSTRIAL SERVICE 100 for the fourth consecutive year. Led by CEO Gregory
Jackson, Prestige Automotive reported total sales $1.5 billon, making it
No. 1 on the BE AUTO DEALERS 100. Located in St. Clair Shores, Michigan,
Prestige continues to thrive despite Detroit's downturn, posting
outstanding sales of Ford, Lincoln, Mercury, GM, Saturn, and Mercedes-Benz
vehicles.
BE 100s companies tied closely to the automotive market had perhaps the
most difficult year. Shifts in consumer demands away from sport utility
vehicles sent U.S. automakers reeling along with their contractors. Faring
somewhat better were companies in the quick-serve restaurant industry.
While S&P's fundamental outlook remained neutral at the end of March, the
firm expects consumers to continue dining out as a result of a higher
percentage of Americans working, particularly women.
Top-grossing companies on additional BE 100s lists include the following:
BE ADVERTISING AGENCY GlobalHue, Southfield, MI
$550 million in billings
BE BANK Carver Federal Savings Bank, New York, NY
$765 million in assets
BE INVESTMENT BANK The Williams Capital Group L.P., New York, NY
$142 billion in total managed issues
BE ASSET MANAGER EARNEST Partners, Atlanta, GA
$26 billion in assets under management
BE PRIVATE EQUITY FIRM Fairview Capital Partners Inc., Farmington, CT
$2.4 billion in capital under management
In developing the rankings for 2007, BE research collected surveys from
hundreds of companies as well as information from government agencies,
professional organizations, industry associations, business information
services, entrepreneurs, and corporations. The information included total
revenues for calendar year 2006; a detailed description of business
activities; historical ownership data; and confirmation that the entity is
at least 51% black-owned, or that blacks own at least 51% of the
controlling shares if the company is publicly traded.
The June 2007 issue of BLACK ENTERPRISE -- with complete BE 100s
rankings, full eligibility criteria, and company overviews -- is on
newsstands today.
BLACK ENTERPRISE, your ultimate guide to financial empowerment, is the
premier business and investment resource for African Americans. Since 1970,
be has provided essential business information and advice to professionals,
corporate executives, entrepreneurs, and decision makers. The monthly
publication provides 3.9 million readers with information on
entrepreneurship, careers, and financial management. As the definitive
source of information for and about African American business markets and
leaders, be is the authority for business news and trends.